World Bank optimistic on PHL growth

The World Bank is confident the Philippine economy will continue to perform well this year and in 2025, as easing interest rates will likely boost domestic consumption. It projects Philippine GDP growth at 5.8% in 2024. Economic managers are targeting 6-7% growth this year, and 6.5-7.5% in 2025.

July debt service bill jumps by 26%

The National Government’s debt payments jumped in July as interest payments on local borrowings increased. The latest Bureau of the Treasury data showed that the debt service bill went up 26.13% to P81.17 billion in July from P64.36 billion in the same month a year ago.

BOI investments soar to record high P 1.35T

The Board of Investments (BOI) on Monday said it had approved a record-high P1.35 trillion worth of investments from January to date, breaking its full-year tally last year with renewable energy sector projects driving the growth.

Special report: What to expect under a new NAIA

The NAIA over the weekend was turned over to the care of the New NAIA Infrastructure Corp., tasked to do the P170.6-billion, 15-year upgrade of the gateway. Travelers can expect a handful of changes in the next 12 months, most of which could improve the way they fly, some of which could make trips costlier.

Biz group eyes EPR on used lead acid batteries, other hazardous wastes

The Federation of Philippine Industries has urged the environment department to issue a Department Administrative Order that would compel entities to recycle used lead acid batteries (ULAB), noting its harm to the environment.  

PHL told to craft plan for decarbonizing steel sector

The International Finance Corp. is urging the Philippines, a major importer of steel, to put in place a “comprehensive action plan” across the value chain amid plans to decarbonize the steel sector. 

CREATE MORE needs 10-year review clause — Plaza

The measure that will amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act of 2021 needs to have a 10-year performance review mechanism to signal to investors that the incentive regime will remain stable for a predictable amount of time, the former head of the Philippine Economic Zone Authority (PEZA) said. 

PEZA approves P61.6-B investments as of August

The Philippine Economic Zone Authority has so far approved P61.62 billion worth of investment pledges in the first eight months, representing only 30% of the agency’s target for the year.

Outstanding external debt hits $130.18B at end-June

Outstanding external debt hit a record $130.182 billion at the end of June, but remained at “manageable” levels, the Bangko Sentral ng Pilipinas (BSP) said. Preliminary data from the BSP showed external debt rose by 10.4% from the $117.918 billion seen as of June 2023. External debt includes all types of borrowings by residents from nonresidents.

Laguindingan airport contract goes to Aboitiz InfraCapital

Infrastructure development company Aboitiz InfraCapital, Inc. will be awarded the contract to operate and maintain the Laguindingan International Airport in Misamis Oriental, the Department of Transportation (DoTr) said.

Government urged to develop areas outside flood-prone Metro Manila

The government should boost development in key areas outside Metro Manila in the face of increasing extreme weather events, economists said, as the capital region that accounts for over 30% of the country’s economic output struggles with flooding issues. The condition of Metro Manila, which contributes 36% to the country’s gross domestic product (GDP), is worsening amid climate change-enhanced typhoons, said Cid L. Terosa, former dean at the University of Asia and the Pacific (U&AP).

BPI: Rice import arrivals hit nearly 3MMT in September

Imported rice that arrived in the Philippines reached nearly 3 million metric tons (MMT) as of September 5, data from the Bureau of Plant Industry (BPI) showed. Figures from the attached agency of the Department of Agriculture indicated that total imports from January 1 to September 5 reached 2.9 MMT. 

Proposed 2025 natl govt budget aimed at sustaining economic growth at 6%

AS the House of Representatives begins its plenary debates on the proposed P6.352 trillion national budget for 2025 this Monday, the Lower House said the proposed 2025 national budget will serve as a key instrument in sustaining the country’s economic growth, which the government aims to maintain at 6 percent or higher.

Million Trees Foundation backs DENR reforestation plan for Marikina Watershed

The Million Trees Foundation on Sunday expressed support for the plan of the Department of Environment and Natural Resources (DENR) to plant 3 million trees in the next four years in the Upper Marikina River Basin Protected Landscape (UMRBPL) as part of the solution to flooding in Metro Manila.

Rice prices still high despite lower tariffs

The price of locally produced and imported rice retailed at around P50 a kilo in some public markets in Metro Manila despite lower import duties on the staple, likely due to traders still unloading their stock purchased at the higher tariff rate.

‘ADB’s $24-B lending program to help lift Pinoys from poverty’

The Asian Development Bank’s (ADB) new Country Partner Strategy (CPS) for the Philippines will support the government’s goal of lifting 8 million Filipinos out of poverty by 2028, according to Finance Secretary Ralph G. Recto.

Remittances breach $3 billion, highest since December

Remittances sent home by Filipinos overseas breached $3 billion for the first time this year, according to the Bangko Sentral ng Pilipinas (BSP). Total cash remittances sent by Filipinos abroad reached $3.08 billion in July 2024, the highest since the $3.28 billion posted in December 2023.

MIDC, PhilTower finalize telecom infrastructure deal

Miescor Infrastructure Development Corp. (MIDC) and PhilTower Consortium, Inc. are forming a joint venture aimed at enhancing network infrastructure and accelerating the rollout of wireless technology in the Philippines.

13 CREC projects certified for expedited processing

Citicore Renewable Energy Corp.’s (CREC) 13 renewable energy (RE) projects, with a combined capacity of around 800 megawatts (MW), are now eligible for expedited permit processing, the Saavedra-led company said on Monday. The company’s projects have received “certificates of energy projects of national significance” from the Department of Energy (DoE), CREC said in a statement.

PEZA expects CREATE MORE to unlock more investments

The Philippine Economic Zone Authority (PEZA) said that its investment approval targets — set at P200 billion this year — will be achievable when amendments to the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act take effect.

PHL urged to tweak rules to expand trade with Australia

Manila should implement policy reforms and remove hurdles to trade and investments, such as stringent import licensing rules, if it intends to become one of the 10 major trading partners of Australia.

DITO CME targets Oct. 10 for P4.2-billion FOO

Telecommunications and digital services provider DITO CME Holdings, Inc. plans to list its P4.2-billion follow-on offering (FOO) on Oct. 10. The company has obtained regulatory approval for the FOO, which entails issuing additional shares to the public, DITO CME Holdings President Donald Patrick L. Lim told reporters last week.